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/FIRST & FINAL ADD -- NY080 -- TELEPHONE AND DATA SYSTEMS/

      /FIRST & FINAL ADD -- NY080 -- TELEPHONE AND DATA SYSTEMS/
              TELEPHONE AND DATA SYSTEMS, INC.
               Financial Highlights (Unaudited)
           (Dollars in thousands except per share amount)
    Nine Months ended Sept. 30,   1991       1990   Increase (Decrease)
                                                     Amount   Percent
    Operating Revenues
     TDS Telecom              $155,184   $141,890    $13,294    9.4
     USM                        69,309     44,394(A)  24,915   56.1
     API                        31,830     27,517      4,313   15.7
     Total                    $256,323   $213,801    $42,522   19.9
    Operating Expenses
     TDS Telecom               107,495     96,638(B)  10,857   11.2
     USM                        78,649     50,069(A)  28,580   57.1
     API                        37,567     32,040      5,527   17.2
     Total                    $223,711   $178,747    $44,964   25.2
    Operating Income
     TDS Telecom                47,689     45,252(B)   2,437    5.4
     USM                        (9,340)    (5,675)    (3,665) (64.6)
     API                        (5,737)    (4,523)    (1,214) (26.8)
     Total                    $ 32,612   $ 35,054    $(2,442)  (7.0)
    Investment and Other Income
     Interest & dividend income  5,873      5,269        604   11.5
     Minority share of
      cellular losses            1,581      1,445        136    9.4
     Cellular investment
      income, net                4,453      3,541        912   25.8
     Gain on sale of investments 3,097      1,347      1,750  129.9
     Other income, net           3,221      1,560(B)   1,661  106.5
     Total                    $ 18,225   $ 13,162    $ 5,063   38.5
    Interest expense            21,233     16,680      4,553   27.3
    Income tax expense          11,842     12,962     (1,120)  (8.6)
    Net income before cumulative
     effect of accounting chg.  17,762     18,574       (812)  (4.4)
    Cumulative effect of
     accounting change          (5,035)        --     (5,035)    --
    Net income                $ 12,727     18,574     (5,847) (31.5)
    Preferred dividend
     requirement                  (796)      (918)       122   13.2
    Net income available
     to common                $ 11,931   $ 17,656   $ (5,725) (32.4)
    Weighted average common
     shares (000s)              32,671     30,271      2,400    7.9
    Earnings per common share
     before cumulative effect of
     accounting change            $.52       $.58      $ (.06) (10.3)
    Cumulative effect of
     accounting change            (.15)        --        (.15)    --
    Net income                    $.37       $.58      $ (.21) (36.2)
    Pro forma amounts assuming
     the new method of accounting
     is applied retroactively:
    Net income                $ 17,762   $ 17,732      $  30     .2
    Earnings per common share     $.52       $.56     $ (.04)  (7.1)
    CASH FLOW FROM OPERATIONS
    (Operating income plus depreciation, 1990 stated on a basis consistent with 1991):
     TDS Telecom              $ 79,866   $ 73,306    $ 6,560    8.9
     USM                         2,691     (1,806)     4,497  249.0)
     API                         1,023      1,619       (596) (36.8)
                                 SERVED AT 9-30     9-MONTH ADDITIONS
    CUSTOMER UNITS:             1991      1990        1991     1990
     TDS Telecom              $295,400   $277,100    $16,700  13,200
     USM                        85,200     48,700     27,900  12,600
     API                       234,100    192,400     32,900  30,800
     Three Months ended Sept. 30, 1991     1990    Increase (Decrease)
                                                    Amount   Percent
    Operating Revenues
     TDS Telecom              $ 54,080   $ 48,829    $ 5,251   10.8
     USM                        27,508     16,408(A)  11,100   67.7
     API                        11,109      9,578      1,531   16.0
     Total                    $ 92,697   $ 74,815    $17,882   23.9
    Operating Expenses
     TDS Telecom                37,433     33,002(B)   4,431   13.4
     USM                        30,444     18,188(A)  12,256   67.4
     API                        13,420     10,957      2,463   22.5
     Total                    $ 81,297   $ 62,147    $19,150   30.8
    Operating Income
     TDS Telecom                16,647     15,827(B)     820    5.2
     USM                        (2,936)    (1,780)    (1,156) (65.0)
     API                        (2,311)    (1,379)      (932) (67.5)
     Total                    $ 11,400   $ 12,668    $(1,268) (10.0)
    Investment and Other Income
     Interest & dividend income  1,714      1,825       (111)  (6.1)
     Minority share of
      cellular losses               48        560       (512) (91.5)
     Cellular investment
      income, net                2,089      1,343        746  55.7
     Gain on sale of investments 2,851         --      2,851   --
     Other income, net             339        332(B)       7   2.3
     Total                    $  7,041   $  4,060    $ 2,981  73.4
    Interest expense             7,697      5,987      1,710  28.6
    Income tax expense           4,675      3,992        683  17.1
    Net income                   6,069      6,749      (680) (10.1)
    Preferred dividend
     requirement                  (281)      (304)       23    7.6
    Net income available
     to common                $  5,788   $  6,445  $   (657) (10.2)
    Weighted average common
     shares (000s)              34,435     30,529     3,906   12.8
    Earnings per common share     $.17       $.21    $ (.04) (19.0)
    Pro forma amounts assuming
     the new method of accounting
     is applied retroactively:
    Net income               $  6,069    $  6,418    $ (349)  (5.4)
    Earnings per common share   $.17        $.20     $ (.03) (15.0)
    CASH FLOW FROM OPERATIONS (Operating income plus depreciation, 1990 stated on a basis consistent with 1991):
     TDS Telecom              $ 28,290   $ 26,075    $ 2,215    8.5
     USM                         2,486       (362)     2,124  587.4)
     API                           (11)       553       (564)(102.1)
                                 SERVED AT 9-30     3-MONTH ADDITIONS
    CUSTOMER UNITS:             1991      1990        1991     1990
     TDS Telecom              $295,400   $277,100    $ 4,800   4,200
     USM                        85,200     48,700      9,700   4,900
     API                       234,100    192,400      6,400  12,400
    (A) -- USM revenues and expenses have been restated to eliminate certain affiliated roamer revenues and expenses.
    (B) -- TDS Telecom expenses and other income, net reclassify amortization of costs in excess of book value.
    -0-    11/12/91 AA NY080
    /END FIRST & FINAL ADD/
    (TDS) CO:  Telephone and Data Systems, Inc. ST:  Illinois IN:  TLS SU:  ERN JT -- NY080A -- 3649 11/12/91 17:14 EST
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Date:Nov 12, 1991
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